August Laurelhurst Real Estate Summary

Kim Dales has provided this neighborhood real estate activity report and market trends for the month of July:

3600 West Laurelhurst Drive NE

This month, I would like to share a cautionary tale that happened recently to sellers in the neighborhood.  A gentleman was approached about selling his home and after reviewing my market analysis, which was significantly higher than an offer he received from a letter in the mail, he decided to go with the cash, off market offer.

Two weeks after the home closed it was listed for approximately $190,000 more than the offer he accepted. The home is now pending after multiple offers and will sell for approximately $200,000 over the off market price he accepted.

Many residents in our neighborhood have received similar letters in the mail from companies who are interested in buying homes off market, that is, the home doesn't have to be prepared for the market. The companies offer to pay cash and can typically close in approximately two weeks, or whenever it is convenience for the seller.

Although preparing your home for the market can be a daunting task, a Real Estate Professional an help with this process, ultimately resulting in a higher price. Potential sellers, who perhaps are not aware of our current market, and the value of their home should beware. No one is willing to make an off market offer for the market value of your home.

ACTIVE LISTINGS (AS OF AUGUST 31ST)

Address	List Price	Beds/ Baths	Year Built	Sq.Ft	Price p/sq.ft
5025 44th Ave NE	$1,275,000	3/2.5	2017	2,492	$511.64
3600 W Laurelhurst Dr NE	$2,195,000	4/3.5	1987	4,200	$522.62
4549 55th Ave NE	$2,850,000	4/4	2014	4,320	$659.72
5155 NE Latimer Place	$2,995,000	5/3.25	1925	3,800	$788.16
3627 42nd Ave NE	$10,008,000	6/4.25	1921	6,860	$1,458.89
3054 E Laurelhurst Dr NE	$11,800,000	5/4.75	1928	7,683	$1,535.86

PENDING INSPECTION & PENDING IN AUGUST

Address	List Price	Beds/ Baths	Sq.Ft.	CDOM*	Status
*5015 Ivanhoe Pl NE	$999,950	4/2.5	1,910	3	P
*5027 44th Ave NE	$1,125,000	3/3.25	2,204	1	P
4318 NE 42nd St	$1,149,000	3/1.5	2,500	13	P
*3888 43rd Ave NE	$1,350,000	3/3	3,130	11	P
*4834 NE 43rd St	$1,525,000	4/2.5	2,700	5	P
3816 49th Ave NE	$2,150,000	5/3.25	4,569	26	P
*4553 52nd Ave NE	$2,275,000	4/2.75	4,060	8	P

P= Pending  PI=Pending inspection

*= listed and under contract in August

CONTINGENT

Address	List Price	Beds/ Baths	Sq.Ft.	CDOM*	Status
3612 47th Ave NE	$1,395,000	4/2.5	2,350	18	CT
3922 N E Belvoir Pl	$1,695,000	4/3.5	4,370	132	CT

SOLD IN AUGUST

Address	List Price	Sale Price	CDOM	Beds/ Baths	Sq.Ft.	Price p/sq.ft	Date Sold
4115 51st Ave NE	$819,160	$930,000	5		2,420	$384.30	8/11
5009 48th Ave NE	$800,000	$1,025,000	7	2/2	1,530	$669.93	8/15
4545 55th Ave NE	$1,976,00	$1,900,000	49	5/3	3,810	$498.69	8/18
5143 47th Ave NE	$1,848,000	$1,960,000	2	5/4	3,925	$499.36	8/8
Averages			16		2,921	$513.07

Median Sold Price = $1,462,500


*CDOM=Cumulative Days on the Market: if a home is on for an extended period of time and it is removed then put back on, or has a large price reduction all the days are added up to give a buyer a clear view of the total numbers of days the property has been on the market. It could theoretically mean days the home was on the market months ago added to the current days of market

DOM = Days on market: typically mean just the original days since the house was listed..

*Contingent = means that the buyer must list their home within 5 days of making an offer as they are basing their offer on the successful sale of their home.  If within a specific agreed upon timeline, typically 45 days, if the buyer's home has not received an offer then the continent offer is null and void.  Also, if during this time the seller's receive a non contingent offer the continent offer is given the opportunity to waive or move their contingent offer which of course can be very stressful. If this contingency is removed the seller can take the non-contingent offer.